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High street (BSE: HIGHSTREE.BO - news) stalwart Marks & Spencer (Dusseldorf: MA6.DU - news) has been dealt a blow after its head of menswear quit the firm to become managing director of Sir Philip Green's Bhs department store chain.

In a statement confirming Richard Price's departure, Marks & Spencer said it understood why he wanted to work for the retail billionaire - who has twice tried and failed to buy rival M&S (LSE: MKS.L - news) .

"Richard is a talented individual and he has done a great job in menswear," an M&S spokeswoman said.

"His new role as managing director presents a unique and challenging opportunity to take on a wider role including all trading departments as well as stores, e-commerce and property."

The M&S Friday share price dropped more than 3%, down to 326p, on news of the departure to Bhs.

Mr Price's exit from M&S follows several other significant brain drain departures this year, including Andrew Skinner, who was a senior general merchandise director, Susan Aubrey-Cound, who was director of new channels, and Alison Jones, who was a brand director.

Last month M&S posted a 1% fall in profits and slashed its sales growth target.

M&S is due to update on its first quarter trading on July 10, when it also holds its annual general meeting.

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